Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: A

ACCOUNTABILITY

When one party must report its activities and take responsibility for them. It is done to keep them honest and responsible.

ACCOUNTS RECEIVABLE AGING

The way of showing which customers pay on time and which don’t. How far behind is also added to this calculation. It is used to collect debts and establish credit.

ACMA

The organization of the chartered institute of management accountants associate. Prevalent in the UK.

ACTION

When a party in court exercises its legal rights by means of writ.

AD VALOREM TARIFF

Additional charges added to an item based on value not on physical characteristics.

ACCOMMODATIONS

Making it easy for disadvantaged groups to access and use an establishment. Refer to accommodation.

ACCOUNTABLE

This party is assigned responsibilities and is in charge of the account in question.

ACCREDITATION

Certification in a subject. It ensures integrity of an agency and is awarded to organizations as well.

ACORN

When a residential area is grouped in one of the 39 ranks. It is done by age, facilities, composition, household size, marital status, income, transportation mode, job, car ownership, and home ownership.

ACTION OR CIVIL ACTION

A dispute, opposed petition, or similar action with the objective of influencing a contested matter so the outcome if favorable to those engaging in said action

ACTUAL LOSS

Loss in a transaction due to inflation, costs, and scrap value of an object. Refer to actual total loss.

AD VALOREM TAX

An additional charge put on an item that is a percentage of its value.

ACCOMMODATIVE MONETARY POLICY

Stimulating economic growth by giving out more money. It decreases federal funds wrth making money easier to borrow. Refer to federal open market committee,tight monetary policy and federal reserve

ACCRETION

A periodic increase in the value of an ASSET or LIABILITY originally issued, granted, or sold at a discount to FACE VALUE. In general, the contract will increase on a straightline basis

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